MAG has had some very clear and strong support and resistance
lines in the past (as shown in chart with blue lines). For the last several months we've seen a retracement (just extending a Fibonacci .618) in the fashion of an Elliott Wave
/ Channel style. The downward Elliott Wave
is now complete at the same time it is bouncing off the bottom of the channel. We could either see another iteration of it bouncing off the top of the channel and back down to the larger .786 Fibonacci retracement
, or if it breaks the channel we could expect to see it bounce off of those support/resistance
lines to meet (or exceed) the structure high. If that wasn't enough for you, check out the RSI
and Stoch RSI
indicators; they're telling us to go long too.